Why Save Now? What else can I do?

Today, it’s more important than ever to know what’s going on with your retirement program. After all, with more schools and private employers reducing benefits and uncertainties about the future funding of Social Security and pension plans…you may shoulder a larger burden for ensuring you have adequate savings at retirement.

Fortunately, you have several ways to save more today for a better tomorrow.

For instance:

Take advantage of the benefits of tax deferral and reduce your current taxable income with a 403(b), 457 or Traditional IRA

Every time your salary increases, increase the amount you contribute to your 403(b) annuity by the same amount.

Consider having a Roth IRA in addition to your 403(b) and Traditional IRA to add the advantage of tax-free savings at retirement to your retirement plan, subject to certain requirements.

What else can I do?

Consider these choices to free up money for savings now and in the future:

Adjust your spending habits, if necessary. Try not to add to the debt you already have. This reduces any amount you’d otherwise have available for savings.

Live within a budget and set aside for savings/retirement as part of that budget.

Pay off your balances on your credit cards and don’t use them to finance a lifestyle you can’t afford.

Build an emergency fund for unexpected financial setbacks and only dig into the fund when it’s absolutely necessary.

Take advantage of discounts and benefits that may be available to you when you choose Horace Mann for your insurance and retirement planning needs.